Based on the findings of our Politics Report ACCR identified NAB as a target for a resolution aimed at expenditure on political lobbying.
The Australian Electoral Commission’s (AEC) records show that NAB paid $553,000 to Australian political parties in the three financial years preceding our resolution. Of this, three quarters went to the Liberal party and the remaining quarter to the ALP. NAB did not disclose any payments to smaller parties or independents.
NAB’s policy on political donations stated: “Our donations are not to express support for one side over another” which was found not to be the case in practice. Naturally this raises concerns with shareholders as NAB does not appear to be putting words into action on this issue.
In December 2015, ACCR commenced the process of putting forward a resolution for consideration at the NAB AGM. On the 20 September 2016, NAB announced a new policy of not making any more political donations.
ACCR welcomed the decision made by the NAB board and withdrew the resolution ahead the of the AGM. You can see the proposed resolution that we did not lodge here.
ACCR lodged a climate change disclosure resolution with NAB in 2014. We withdrew it after NAB agreed to better climate change disclosure.
NAB policy Background: